Banking app firm Revolut has credited its ‘Karma’ staff monitoring system with helping the employer build a “healthy risk and compliance culture” as the fintech celebrated a “landmark” year.
The firm reported a pre-tax profit of $1.4 billion (£1.1 billion) for 2024, representing a rise of 149 percent from the year before.
In its annual report, published today, the firm said it had expanded its points based Karma system in 2024 as it was “essential” for measuring and incentivising good risk and compliance outcomes as the organisation continues to grow.
The Karma system, first introduced in 2020, is designed to ensure employees have “a clear link” between their behaviours and risk outcomes, and “ultimately affects bonuses”, the employer said.
“With more than 30 risk and compliance processes covered, Karma serves both as a feedback loop that rewards and corrects behaviours, as well as a comprehensive risk and compliance culture oversight engine, which allows us to prioritise key developments in this space,” the report said.
This emphasis on an improved risk and compliance culture reflects previous issues the firm has had with delayed account filings, fines for breaching EU regulations, and concerns about workplace culture.
However, efforts to change up the culture appear to be paying off as the firm reported a 38 percent growth in retail customers, reaching 52.5 million people last year. It also received regulatory “authorisation with restrictions” for its UK banking licence, which represents a key milestone. It means that in future the firm will be able to expand its available products to UK customers, including accepting bank deposits and extending credit.
Martin Gilbert, chair at Revolut, said the business’s achievements during 2024 are “entirely attributable to one group of people — our employees”.
He said: “They are driving innovation, designing best-in-class products that our customers love, ensuring compliance with applicable laws and regulations, managing risks, and serving and protecting our customers.”
